Developer Sues Law Firm For £149M Over 'Devastating' Loan

By Alex Baldwin (July 25, 2022, 9:58 PM BST) -- A Manchester property development company and its founder have sued Kuit Steinart Levy LLP for £149 million ($180 million) to cover losses suffered from a "devastating" credit facility that the law firm advised on.

Manchester Property Development Holdings and its owner, Stephen Beech, claim that the solicitor breached their contract by not properly explaining how the agreement they signed with private investment firm Roundshield could require them to default on the loan "almost immediately," according to a newly public suit filed with the High Court July 8.

The agreement, signed in March 2016, was for a revolving credit facility that the...

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